The discovery of CoronaVirus is certainly a hot topic of 2020. Given that most of us who runs a real estate business is more or less self-employed in nature (which means we are a critical part of our business), the CoronaVirus made us thinking about an emergency plan to sustain our business (and our family’s finance), in the unfortunate event that we are unable to perform.

Share the Contacts

Real estate is a “people’s business,” we interact with vendors, contractors, service providers, and tenants all the time. It is important that you let someone you trust have access to your contact list. Contacts like:

• Property Manager
• Insurance Agent
• Real Estate Agent
• Contractors

In the event that you are unable to accept phone calls or reply emails, at least someone you trust and designate can notify these parties and help you with the communication while you recover.

Document your Procedures

Anything that you do, you can technically document it. Documentation does not need to be super fancy. It can be some notes written down, or recording a video using your mobile phone, and any other creative methods to get the job done. This way, when you are unable to drive for dollar, or evaluate a deal, or any other business activities, someone you trust and designate can step in and follow the same procedures.

Reserve Funds

In some cases, it may not be impossible to have someone to take over your position and mimic what you do; so in that case, you will need to put your business “on hold.” Hopefully, at the very beginning your business can still be generating some level of passive income to sustain itself, but at the end it is important that you need to have enough reserve funds in your business checking account, so that even if you generate $0 (or negative) income, your business can survive for a period of time.